Power Finance Corporation Ltd

Power Finance Corporation is engaged in extending financial assistance to power sector and is a Systemically Important (Non-Deposit Accepting or Holding) Non Banking Finance Company (NBFC) registered with Reserve Bank of India (RBI) as an Infrastructure Finance Company (IFC).(Source : 201903 Annual Report Page No: 75)

Pros:
Stock is trading at 0.57 times its book value
Company has been maintaining a healthy dividend payout of 36.34%
Cons:
Company has low interest coverage ratio.
Promoter's stake has decreased
The company has delivered a poor growth of 6.22% over past five years.
Company has a low return on equity of 11.92% for last 3 years.
Company might be capitalizing the interest cost

Peer Comparison Sector: Finance // Industry: Finance - Term-Lending Institutions

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
6,928 7,010 5,719 6,729 6,848 6,246 6,254 6,984 7,407 7,381 7,701 7,581
349 181 4,559 1,178 959 276 916 389 35 -183 -195 276
Operating Profit 6,579 6,829 1,160 5,551 5,890 5,969 5,338 6,595 7,372 7,563 7,896 7,304
OPM % 95% 97% 20% 82% 86% 96% 85% 94% 100% 102% 103% 96%
Other Income 71 53 78 52 0 2 0 1 6 1 2 5
Interest 3,986 4,062 4,099 4,167 4,290 4,260 4,269 4,540 5,320 4,790 4,980 5,366
Depreciation 1 1 2 1 1 2 2 1 1 2 2 2
Profit before tax 2,664 2,819 -2,863 1,435 1,599 1,710 1,068 2,055 2,056 2,773 2,916 1,941
Tax % 30% 31% -19% 22% 23% 29% 25% 33% 34% 25% 27% 29%
Net Profit 1,873 1,950 -3,409 1,122 1,226 1,217 796 1,384 1,355 2,084 2,118 1,383
EPS in Rs 7.10 7.39 -12.92 4.25 4.64 4.61 3.02 5.24 5.13 7.90 8.02 5.24
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
5,033 6,571 8,008 10,132 13,034 17,269 21,327 24,897 27,554 27,011 25,976 28,842 30,070
99 140 121 187 334 247 730 1,080 2,012 5,470 3,172 47 -67
Operating Profit 4,934 6,430 7,888 9,945 12,700 17,021 20,597 23,817 25,542 21,541 22,803 28,795 30,136
OPM % 98% 98% 98% 98% 97% 99% 97% 96% 93% 80% 88% 100% 100%
Other Income 1 3 69 29 3 4 10 11 10 7 4 9 13
Interest 3,144 4,433 4,940 6,424 8,593 11,052 13,045 15,444 16,485 16,433 16,956 18,982 20,457
Depreciation 4 4 4 5 5 6 5 6 6 6 6 6 7
Profit before tax 1,787 1,997 3,013 3,544 4,104 5,967 7,558 8,378 9,061 5,110 5,845 9,816 9,686
Tax % 27% 27% 22% 26% 26% 26% 28% 29% 33% 58% 25% 29%
Net Profit 1,312 1,460 2,357 2,620 3,032 4,420 5,418 5,959 6,113 2,126 4,387 6,953 6,940
EPS in Rs 5.42 6.02 9.89 10.98 11.00 16.17 19.75 21.67 21.75 8.05 16.62 26.34 26.29
Dividend Payout % 31% 31% 22% 22% 26% 21% 22% 20% 30% 62% 47% 0%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:15.94%
5 Years:6.22%
3 Years:1.53%
TTM:14.19%
Compounded Profit Growth
10 Years:16.89%
5 Years:5.12%
3 Years:4.38%
TTM:50.11%
Stock Price CAGR
10 Years:-2.23%
5 Years:-5.06%
3 Years:-8.58%
1 Year:13.89%
Return on Equity
10 Years:16.09%
5 Years:14.45%
3 Years:11.92%
Last Year:17.33%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
1,148 1,148 1,148 1,148 1,320 1,320 1,320 1,320 1,320 2,640 2,640 2,640
Reserves 9,637 10,559 12,777 14,035 19,388 22,256 26,055 30,899 34,446 33,830 34,316 40,648
Borrowings 40,648 52,160 67,108 85,599 110,126 139,473 159,215 187,773 200,484 202,588 236,785 295,239
3,407 4,411 2,414 3,871 4,758 6,188 7,598 8,683 10,405 19,420 6,168 6,329
Total Liabilities 54,839 68,279 83,447 104,652 135,592 169,237 194,187 228,676 246,655 258,479 279,908 344,856
77 75 73 74 76 74 71 66 64 63 27 28
CWIP 0 0 2 2 0 0 0 0 0 0 0 0
Investments 66 36 31 54 59 161 352 851 2,677 3,591 2,520 16,586
54,696 68,168 83,341 104,522 135,456 169,001 193,765 227,759 243,914 254,825 277,361 328,241
Total Assets 54,839 68,279 83,447 104,652 135,592 169,237 194,187 228,676 246,655 258,479 279,908 344,856

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
-6,261 -10,757 -13,444 -16,603 -26,997 -25,089 -22,170 -21,462 -13,339 2,087 -24,708 -44,501
-8 26 8 -26 -42 -93 -190 -472 -1,856 -475 1,428 -13,820
6,436 10,449 14,437 17,581 26,676 27,947 17,671 26,894 10,203 1,475 23,775 58,092
Net Cash Flow 167 -282 1,001 952 -362 2,765 -4,689 4,961 -4,991 3,087 495 -229

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 10% 11% 11% 11% 11% 12% 12% 12% 11% 9% 9% 9%
Debtor Days 0 0 0 0 0 0 0 0 0 0 0 0
Inventory Turnover

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